Vatican Bank chief dismissed

The director of the Vatican Bank, Ettore Gotti Tedeschi, has been removed from his post for dereliction of duty.

The bank's board of directors unanimously passed a no-confidence vote in Gotti Tedeschi, saying his dismissal was necessary in maintaining the “vitality of the bank”, according to a statement released by the Vatican.

His sacking comes as Moneyval, the Council of Europe body responsible for counteracting money laundering, prepares to rule in July on whether the Vatican meets international standards on financial transactions.

In 2010, Italian police launched an investigation against Gotti Tedeschi as part of a money-laundering inquiry.